Vancouver tops the list of 35 Canadian cities for average monthly rent, according to a recent national report.

In May, the average monthly rent for a one-bedroom house in the city was $2,377 – up 19.9% ​​from the previous year – and $3,495 for a two-bedroom house (up 24%), according to a report from Rentals.ca and Bullpen. Research and advice.

These rent increases in 2021 are well above the national year-over-year average of 10.5% for all property types. Nationally, average rents jumped 3.7% between April and May 2022, the largest monthly increase seen since May 2019.

Renters in Victoria have also seen rent increases above the national average over the past year. The average monthly rent in May for a bedroom was $1,870 – 13.4% higher than in 2021 – which placed the capital of British Columbia ninth on the list of the top 35. The city’s average two-bedroom rent of $2,896 put it third on the list.

Between April and May this year, average rents in Victoria jumped 5.3% for a one-bedroom apartment and 5.8% for a two-bedroom apartment.

Burnaby’s May average rent of $2,012 for a one-bedroom unit was the third highest on the national list, while its two-bedroom average of $2,645 was the fourth highest.

Year-over-year increases were also significant in Burnaby, where average rents jumped 24.1 per cent for a one-bedroom apartment and 18.9 per cent for a two-bedroom apartment. Between April and May of this year, rents there jumped by 6.9% for a T1 and 3.2% for a T2.

Surrey came in 19th out of 35 for its average monthly one-bedroom rent of $1,642 and 15th for its average two-bedroom of $2,137.

“After relatively stable rents, on average, in Canada during the first four months of (2022), rents rose sharply in May as interest rate hikes deterred potential buyers from exiting the rental market” , said Ben Myers, president of Bullpen. Research & Consulting.

Uncertainty in the homeownership market and supply chain delays and work stoppages are expected to put upward pressure on rents in the fall, the report said.

Vancouver has the highest average rent for all property types so far this year at $2,909 on a list of 20 Canadian cities and regions.

The report also shows that there is still demand for larger units, with monthly rent for single-family homes rising from $2,609 in May 2021 to $2,881 in May – slightly above the market peak in 2019.


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